Oslo-based LNG shipping company, Awilco LNG, reported a first quarter freight income of US$8.9 million, down from $12.1 million in the same quarter the previous year. The pure play LNG transportation provider said that an oversupply of shipping in the carrier market, limited growth in trade and a reduced ton-mile ratio have combined to keep the LNG spot market at “unsustainable levels” for more than one year, both in terms of low utilization and depressed freight rates. "The decrease was due to a minor reduction in rates and utilisation of WilPride, from 62 percent in the fourth quarter 2015 to 57 percent during the first quarter," Awilco LNG said in a statement. Awilco LNG reported a net loss of $4.6m in the first quarter, in line with the net loss of $4.7m in the comparable period of 2015. “Despite falling LNG prices, LNG imports to Japan and South Korea continued the weakening trend from 2015, and imports were down 6 percent and 5 percent respectively during the quarter,” Awilco LNG said Awilco LNG said its fleet utilisation for the quarter ended at 78 percent, compared to 81 percent in Q4 2015.
Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian, British and Dutch ports and six more may arrive in the next month, attracted by the widest and most consistent premium to Asian prices in at least five years, price data on Reuters Eikon shows.
By Oleg Vukmanovic and Henning Gloystein, Reuters As Russia tightened its grip on Ukraine's Crimea region this month, U.S. and European Union officials were urging the Obama Administration to speed up approvals of more liquefied natural gas (LNG) export terminals. Yet Russian exporter Gazprom's ability to swamp European natural gas markets with supply while depressing prices will make it difficult for as-yet unavailable U.S. supplies to displace Russian gas in Europe.
The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior officials from the Malaysian state-oil firm said on Tuesday. The 365-metre (1,200 ft) long Petronas Floating LNG 1 (PFLNG1), with a capacity of 1.2 million tonnes per annum, would be completed by March next year, the firm's Vice President and Venture Director LNG Projects (Domestic) Abdullah Karim told reporters.
Liquefied Natural Gas Ltd informed that its 100% owned project company, Magnolia LNG, LLC signed a legally binding agreement with Meridian LNG Holdings Corp for firm capacity rights for up to 2 million tonnes per annum (mtpa) at Magnolia LNG, located on the Calcasieu shipping channel in the Lake Charles District, State of Louisiana, USA. Under the liquefaction tolling agreement (LTA), Magnolia will provide liquefaction servicesto Meridian LNG over the term of the contract in return
LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. The first quarter of 2016 was no better than the previous quarter for LNG shipowners as spot rates remained low at around $30,000pd. Two new liquefaction plants, Australia Pacific LNG (APLNG) in Australia and Sabine Pass LNG in the US
By Oleg Vukmanovic and Jacob Gronholt-Pedersen, Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals. Prices for April delivery dropped to around $18.10 per million British thermal units (mmBtu) from $19.60 per mmBtu last week. Petrobras, a major Atlantic Basin LNG buyer in recent weeks
Dynagas LNG Partners LP announced today that it has completed its previously announced acquisition of the ownership interests in the entity that owns and operates the 2013 built ice class liquefied natural gas carrier Arctic Aurora from Dynagas Holding Ltd., Dynagas Partners’ sponsor, for a purchase price of $235.0 million. On June 19, 2014 Dynagas Partners entered into a new $340 million senior secured revolving credit facility which was used to refinance $214
Opec study on the impact of lower oil price assumptions on the penetration of LNG vessels has released. In light of the regulations on sulphur emissions issued by the IMO the prospect of using LNG as an alternative bunker fuel was explored. It was concluded that LNG had the potential to become an important marine bunker fuel in the long-term. This year the subject is re-considered in light of recent market and price developments
Asian spot prices for liquefied natural gas (LNG) slid for the third straight week, as pressure mounted from new Australian and U.S. supplies, traders said. LNG for April delivery in Asia eased to $4.30 per million British thermal units (mmBtu), down 20 cents from the previous week. Traders said they expected prices to fall below $4 during the summer as supply continues to pick up from new projects.
Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), according to a report in Thisday. He noted that with no new investments
As the U.S. prepares to enter the European gas markets with its first delivery of liquefied natural gas, Norway and Russia are expected to increase production to lower prices and make exporting less desirable to the U.S., reports Daily Sabah.
China's biggest liquefied natural gas (LNG) importer CNOOC has started building two storage tanks at a receiving terminal in Fujian province for the super-chilled fuel, the official Xinhua news agency reported. The new tanks are part of a plan to increase the receiving capacity at
The emergence of US liquefied natural gas as a competitive alternative for European and Asian customers, combined with an oversupplied market, should drive more convergence between natural gas prices at major hubs and weaken the link between gas and oil prices, Fitch Ratings says.
Argentina tenders for 19 cargoes. Asian spot prices for liquefied natural gas (LNG) eased under pressure from growing supplies though fresh demand from Argentina limited losses, traders said. LNG for May delivery in Asia eased to $4.50 per million British thermal units (mmBtu)
International sanctions have undermined the ability of Russia's Yamal LNG project to raise necessary funds but it will be launched as scheduled, Leonid Mikhelson, head of the plant's main shareholder, said in a televised interview on Tuesday.
Australia's ascent to liquefied natural gas (LNG) producing giant is choking off trade routes from Atlantic to Pacific markets established after Japan's Fukushima nuclear disaster, giving rise to new routes. Mass cargo diversions from west to east earned traders fat margins as Asian
Dr. Gerd-Michael Würsig, Business Director LNG fuelled ships at DNV GL – Maritime, looked at some of the current issues in the LNG industry and provided an overview of what DNV GL is doing to support growth in this segment. “The main drivers, in order of importance, are price
Dynagas LNG Partners LP enters into new long-term time charter agreements for two of its LNG carriers and maintains current level of cash distribution following its latest drop down from its Sponsor Monaco – March 31, 2016 –Dynagas LNG Partners LP
Asian spot prices for liquefied natural gas (LNG) slipped this week in line with transaction levels in a string of recently awarded tenders. LNG for May delivery in Asia traded at around $4.30 per million British thermal units (mmBtu), compared with $4.50 per mmBtu last week.
Asian spot prices for liquefied natural gas (LNG) extended their fall this week on slack demand, although production issues in Australia helped stem losses. LNG for May delivery in Asia traded at around $4.20 per million British thermal units (mmBtu), compared with $4
Korea Gas Corp, the world’s biggest importer of LNG, has struck deals with French giant Total to extend its reach into the liquefaction sector, reports Reuters. Total has pledged to press forward with investment in LNG despite the downturn in oil and gas prices and has signed
The world's top producers of liquefied natural gas (LNG) are investing in ship-fuelling operations, floating import terminals and power plants to open new markets and keep from drowning in a fuel surplus expected to last into the next decade.
Being an island nation, Japan is inevitably dependent on seaborne trade. Over time, this has led to it becoming a strong player in the global maritime market. Japan’s shipbuilding pedigree has gained the country a foothold in LNG carriers
Low oil prices are denting the take-up of liquefied natural gas as a cleaner source of energy to power ships, and it will be a few more years yet before the fuel makes serious inroads into the marine bunker market. The global shipping sector is under pressure from governments to reduce